Q:

What type of income does the IRS Form 1099-R report?

A:

Quick Answer

The 1099-R form reports distributions received from pensions, annuities, individual retirement accounts, profit sharing, insurance contracts and similar disbursements, according to the Internal Revenue Service. The company or organization making the distribution files the 1099-R form for an individual receiving the payment.

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Full Answer

The IRS requires the 1099-R form for anyone receiving $10 or more from one of the designated sources. The payer completes relevant information on the form, including personal information for the payer and recipient, amount of distribution, taxable amount and income taxes withheld, states the IRS. The recipient of the payment receives a copy of the 1099-R form at tax time from the company or organization who made the payment.

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